Image source: mct.com.my
MCT Berhad (MCT) shareholders passed all resolutions in its 11th Annual General Meeting (AGM) last week, conducted virtually through a live webcast and online remote voting using technology-driven participation and voting facilities. The decision to conduct its first fully virtual AGM was in light of the COVID-19 pandemic and to prioritise the well-being of its shareholders and employees.
MCT’s Chief Executive Officer (CEO) Mr.Teh Heng Chong shared that 2020 will be a record year for the Group in terms of handing over completed projects, with over 3,000 units to be delivered to homeowners of Selangorku PR1MA Lakefront Homes and Lakefront Residence Phase 2 at Lakefront @ Cyberjaya, and Casa Bluebell and Casa Wood at Cybersouth in 2020.
The combined gross development value (GDV) of these four projects is RM1.2 billion, of which MCT has successfully delivered two projects with another two projects scheduled for handover soon.
With regards to the new launches for 2020, Teh said: “Our Group’s strategies remain focused on the affordable to mid-tier residential market in the Greater Klang Valley Region with a high population catchment, where transport links and public facilities are well provided for. We intend to spread our portfolio of developments to various growth corridors, expanding from our existing base in Cyberjaya and Cybersouth.”
MCT has recently launched two (2) new projects, namely Casa Bayu @ Cybersouth and PR1MA Shops in Lakefront @ Cyberjaya. The Group is also gearing towards the launch of Aetas, Damansara and Alira at Subang Jaya towards the end of 2020. The total GDV of these new launches amounts to over RM1 billion.
Despite the challenging market conditions for the financial year ended 31 December 2019 (FY2019), MCT recorded revenue of RM459 million as compared to the revenue of RM331 million for the Financial Period Ended 31 December 2018 (FPE 2018). The strong earnings were the result of sales from projects with high completion rates.
In 2019, MCT placed a strong emphasis on restructuring and reorganising the Group’s overall operations and establishing its strategic objectives to be achieved by the year 2025 as it transitions towards becoming a full-fledged property development company.
MCT’s aggressive approach to complete and deliver projects resulted in the company recording profit after tax of RM46 million for FY2019.
MCT’s cash and bank balance as at 31 December 2019 stood at RM470 million, up from RM344 million mainly from the higher completion rates of its on-going projects.
“As a property developer, we need to continuously replenish our landbank in order to have a clear and sustainable growth plan. This remains one of our top priorities moving into 2021 as we have set land acquisitions targets in specific locations in established growth corridors in the Klang Valley.”
“MCT will continue to reap steady gains from our healthy landbank for ongoing and upcoming developments in new and different locations. Additionally, we plan to acquire suitable new landbanks situated in prime locations in the Klang Valley, to be new growth engines and serve as launch pads for future growth,” said Teh.
Moving forward, the company’s strategies include shifting its operating model, strengthening human capital, improving systems and processes, investing in innovation, and adopting customer-centric policies.
(30 September 2020)